Vermont Incentives are Stepping Down

Two major incentives for Vermonters are decreasing soon — this means a loss of $2,000-$2,300 for the average new solar customer.

Vermont Incentives are Stepping Down

Two major incentives for Vermonters are decreasing soon — this means a loss of $2,000-$2,300 for the average new solar customer.

Don’t miss the window!

The state solar incentive is decreasing on July 1st

The value of the state solar incentive will decrease by one-third (33%) effective July 1st. This change means that new customers will receive roughly $800 less for an average home solar system. Those who go solar before then (including current customers) are protected from the incentive change and will not be affected. To apply today’s higher incentive rate, we need to submit your permit no later than Friday, June 28th.

How does the state incentive work?

Today, your utility will pay you a 3-cent premium for each kilowatt-hour of electricity your solar panels produce over the first ten years of their lifetime. Starting July 1st, 3 cents drops to 2 cents. It might not sound like much, but those cents add up as thousands of kilowatt-hours of electricity are produced by your solar panels each year. This incentive is sometimes called the Net-Metering Credit.

Go solar now and lock in today’s 3 cent rate.

The federal solar incentive is also decreasing

If you pay federal taxes, you’re eligible for a tax credit worth 30% of your total solar system cost. This sizable credit has been a huge help for solar customers everywhere, but on January 1st, 2020, the credit is dropping from 30% to 26%. That 4% difference shakes out to a loss of about $1,050-1,400 for the average residential system. To get this year’s higher 30% credit, your solar system needs to be installed by the end of 2019.

Sign up before incentives step down

If you want to get the most out of solar, don’t miss this window! Solar is a sweet deal, and it’s about to get a little less sweet. So get signed up now to take full financial advantage of both the Vermont State Solar Incentive and the Federal Income Tax Credit.

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